(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0001 per share | TGAN | The Nasdaq Stock Market LLC |
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Transphorm, Inc. | ||||||||
Dated: November 9, 2022 | By: | /s/ Cameron McAulay | ||||||
Cameron McAulay | ||||||||
Chief Financial Officer |
September 30, 2022 (unaudited) | March 31, 2022 (audited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 33,496 | $ | 33,435 | |||||||
Restricted cash | 500 | 500 | |||||||||
Accounts receivable | 1,617 | 2,558 | |||||||||
Inventory | 8,966 | 6,330 | |||||||||
Prepaid expenses and other current assets | 2,068 | 1,971 | |||||||||
Total current assets | 46,647 | 44,794 | |||||||||
Property and equipment, net | 5,328 | 1,649 | |||||||||
Operating lease right-of-use assets | 3,312 | — | |||||||||
Goodwill | 996 | 1,180 | |||||||||
Intangible assets, net | 469 | 617 | |||||||||
Investment in joint venture | 414 | 143 | |||||||||
Other assets | 784 | 263 | |||||||||
Total assets | $ | 57,950 | $ | 48,646 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 4,492 | $ | 3,588 | |||||||
Deferred revenue | 263 | 346 | |||||||||
Accrued interest | 184 | 180 | |||||||||
Accrued payroll and benefits | 1,331 | 1,171 | |||||||||
Operating lease liabilities | 532 | — | |||||||||
Revolving credit facility | 12,000 | — | |||||||||
Total current liabilities | 18,802 | 5,285 | |||||||||
Revolving credit facility, net of current portion | — | 12,000 | |||||||||
Operating lease liabilities, net of current portion | 2,803 | — | |||||||||
Total liabilities | 21,605 | 17,285 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | 6 | 5 | |||||||||
Additional paid-in capital | 228,178 | 211,190 | |||||||||
Accumulated deficit | (189,986) | (178,638) | |||||||||
Accumulated other comprehensive loss | (1,853) | (1,196) | |||||||||
Total Stockholders’ equity | 36,345 | 31,361 | |||||||||
Total liabilities and stockholders’ equity | $ | 57,950 | $ | 48,646 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
Revenue, net | $ | 3,670 | $ | 5,156 | $ | 11,303 | $ | 8,826 | $ | 14,519 | |||||||||||||||||||
Cost of goods sold | 3,232 | 4,050 | 2,239 | 7,282 | 4,806 | ||||||||||||||||||||||||
Gross profit | 438 | 1,106 | 9,064 | 1,544 | 9,713 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 1,830 | 1,740 | 1,591 | 3,570 | 3,414 | ||||||||||||||||||||||||
Sales and marketing | 1,066 | 1,083 | 825 | 2,149 | 1,512 | ||||||||||||||||||||||||
General and administrative | 3,044 | 3,317 | 2,714 | 6,361 | 5,457 | ||||||||||||||||||||||||
Total operating expenses | 5,940 | 6,140 | 5,130 | 12,080 | 10,383 | ||||||||||||||||||||||||
(Loss) income from operations | (5,502) | (5,034) | 3,934 | (10,536) | (670) | ||||||||||||||||||||||||
Interest expense | 184 | 182 | 220 | 366 | 424 | ||||||||||||||||||||||||
Loss in joint venture | 684 | 582 | 1,092 | 1,266 | 2,582 | ||||||||||||||||||||||||
Changes in fair value of promissory note | — | — | (1,629) | — | (605) | ||||||||||||||||||||||||
Other income, net | (375) | (445) | (1,729) | (820) | (1,999) | ||||||||||||||||||||||||
(Loss) income before tax expense | (5,995) | (5,353) | 5,980 | (11,348) | (1,072) | ||||||||||||||||||||||||
Tax expense | — | — | — | — | — | ||||||||||||||||||||||||
Net (loss) income | $ | (5,995) | $ | (5,353) | $ | 5,980 | $ | (11,348) | $ | (1,072) | |||||||||||||||||||
Net loss per share - basic | $ | (0.10) | $ | (0.10) | $ | 0.15 | $ | (0.20) | $ | (0.03) | |||||||||||||||||||
Net loss per share - diluted | $ | (0.10) | $ | (0.10) | $ | 0.14 | $ | (0.20) | $ | (0.03) | |||||||||||||||||||
Weighted average common shares outstanding - basic | 56,619,662 | 54,404,830 | 41,196,139 | 55,518,297 | 40,918,203 | ||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 56,619,662 | 54,404,830 | 41,847,103 | 55,518,297 | 40,918,203 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
GAAP net (loss) income | $ | (5,995) | $ | (5,353) | $ | 5,980 | $ | (11,348) | $ | (1,072) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Stock-based compensation | 636 | 582 | 511 | 1,218 | 1,008 | ||||||||||||||||||||||||
Depreciation | 165 | 152 | 134 | 317 | 257 | ||||||||||||||||||||||||
Amortization | 74 | 74 | 74 | 148 | 148 | ||||||||||||||||||||||||
Changes in fair value of promissory note | — | — | (1,629) | — | (605) | ||||||||||||||||||||||||
Other income | — | — | (1,455) | — | (1,455) | ||||||||||||||||||||||||
Total adjustments to GAAP net (loss) income | 875 | 808 | (2,365) | 1,683 | (647) | ||||||||||||||||||||||||
Non-GAAP net (loss) income | $ | (5,120) | $ | (4,545) | $ | 3,615 | $ | (9,665) | $ | (1,719) | |||||||||||||||||||
GAAP net (loss) income per share - basic | $ | (0.10) | $ | (0.10) | $ | 0.15 | $ | (0.20) | $ | (0.03) | |||||||||||||||||||
Adjustment | 0.01 | 0.02 | (0.06) | 0.03 | (0.01) | ||||||||||||||||||||||||
Non-GAAP net (loss) income per share - basic | $ | (0.09) | $ | (0.08) | $ | 0.09 | $ | (0.17) | $ | (0.04) | |||||||||||||||||||
GAAP net (loss) income per share - diluted | $ | (0.10) | $ | (0.10) | $ | 0.14 | $ | (0.20) | $ | (0.03) | |||||||||||||||||||
Adjustment | 0.01 | 0.02 | (0.05) | 0.03 | (0.01) | ||||||||||||||||||||||||
Non-GAAP net (loss) income per share - diluted | $ | (0.09) | $ | (0.08) | $ | 0.09 | $ | (0.17) | $ | (0.04) |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
September 30, 2022 | June 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||
GAAP operating expenses | $ | 5,940 | $ | 6,140 | $ | 5,130 | $ | 12,080 | $ | 10,383 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Stock-based compensation | 583 | 543 | 472 | 1,126 | 942 | ||||||||||||||||||||||||
Depreciation | 165 | 152 | 134 | 317 | 257 | ||||||||||||||||||||||||
Amortization | 74 | 74 | 74 | 148 | 148 | ||||||||||||||||||||||||
Total adjustments to GAAP operating expenses | 822 | 769 | 680 | 1,591 | 1,347 | ||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 5,118 | $ | 5,371 | $ | 4,450 | $ | 10,489 | $ | 9,036 |
Six Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (11,348) | $ | (1,072) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Inventory write-off | 56 | 194 | |||||||||
Depreciation and amortization | 465 | 405 | |||||||||
Amortization of right-of-use assets | 286 | — | |||||||||
Perpetual licensing revenue from a related party | — | (8,000) | |||||||||
Stock-based compensation | 1,219 | 1,008 | |||||||||
Interest cost | 4 | 108 | |||||||||
Gain on sale of equipment | (110) | — | |||||||||
Loss in joint venture | 1,266 | 1,127 | |||||||||
Changes in fair value of promissory note | — | (605) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 941 | 33 | |||||||||
Inventory | (2,692) | (2,745) | |||||||||
Prepaid expenses and other current assets | (97) | 124 | |||||||||
Other assets | (521) | 15 | |||||||||
Accounts payable and accrued expenses | 904 | 657 | |||||||||
Deferred revenue | (83) | 102 | |||||||||
Accrued payroll and benefits | 160 | 37 | |||||||||
Operating lease liabilities | (263) | — | |||||||||
Net cash used in operating activities | (9,813) | (8,612) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | (4,026) | (409) | |||||||||
Proceeds from sale of equipment | 110 | — | |||||||||
Investment in joint venture | (1,537) | (3,081) | |||||||||
Net cash used in investing activities | (5,453) | (3,490) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from stock option exercise | 56 | 134 | |||||||||
Proceeds from issuance of common stock | 16,000 | 5,000 | |||||||||
Cost associated with issuance of common stock | (280) | — | |||||||||
Payment for taxes related to net share settlement of restricted stock units | (6) | ||||||||||
Net cash provided by financing activities | 15,770 | 5,134 | |||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (443) | (44) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 61 | (7,012) | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 33,435 | 9,500 | |||||||||
Cash and cash equivalents at end of period | 33,496 | 1,988 | |||||||||
Restricted cash at end of period | 500 | $ | 500 | ||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 33,996 | $ | 2,488 |
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